Tariffs on $200 billion worth of Chinese imports went up 150% Friday morning as President Trump sought to increase pressure on Chinese leaders to cut a more favorable trade deal. The higher tariffs will apply to new shipments from China, not products already en route or in U.S. inventories, so the effects won’t be felt immediately. But they will be felt. Most of the Chinese products targeted by these tariffs are purchased by businesses, not consumers (for example, automobile components and telecommunications equipment), and at the initial level of 10%, some of the cost may have been absorbed by the suppliers rather than being passed on to consumers. At the new level of 25%, however, consumers are going to wind up covering much more of the cost. Meanwhile, the Trump administration is preparing to slap 25% tariffs on the $325 billion in Chinese goods not currently subject to tariffs, most of which are bought by consumers, not businesses. So there’s no question who will be paying those levies. Well, no question in the mind of anyone who understands the basics of how tariffs are imposed and collected. But Trump continues to cling to the fantasy that the tariffs are being paid by the Chinese, and that the money rolling into the Treasury is coming from someone other than his constituents.
President Trump is undermining the credibility of his trade policies by falsely claiming that China is paying the bill. President Trump’s new tariffs on Chinese imports, which took effect at 12:01 a.m. on Friday, are taxes that will be paid by Americans. That is a simple fact, and it remains true no matter how many times Mr. Trump insists the money will come from China. Mr. Trump’s latest escalation of his trade fight with China is a 25 percent tariff, or import tax, on products that compose about one third of China’s exports to the United States, including Chinese bicycles, circuit boards and wooden doors. The tariff rate on those goods was previously 10 percent. Mr. Trump also has threatened to impose the 25 percent rate on virtually all products imported from China — more than $500 billion in goods last year.
(CNN) - During his rally in Florida Wednesday night, President Donald Trump hit on a lot of familiar themes -- the strong economy, building the wall, defeating ISIS and the 2020 election. Among his "greatest hits," Trump also repeated several false claims he's made in the past. First, the President claimed that Puerto Rico had received $91 billion after being hit by hurricanes Irma and Maria in 2017, adding that was the highest amount ever given to "anybody" for disaster relief.
WASHINGTON — Senior officials at the Environmental Protection Agency disregarded the advice of their own scientists and lawyers in April when the agency issued a rule that restricted but did not ban asbestos, according to two internal memos. Because of its fiber strength and resistance to heat, asbestos has long been used in insulation and construction materials. It is also a known carcinogen. Last month’s rule kept open a way for manufacturers to adopt new uses for asbestos, or return to certain older uses, but only with E.P.A. approval. Andrew Wheeler, the E.P.A. administrator, said when the rule was issued that it would significantly strengthen public health protections. But in the memos, dated Aug. 10, more than a dozen of E.P.A.’s own experts urged the agency to ban asbestos outright, as do most other industrialized nations. “Rather than allow for (even with restrictions) any new uses for asbestos, E.P.A. should seek to ban all new uses of asbestos because the extreme harm from this chemical substance outweighs any benefit — and because there are adequate alternatives to asbestos,” staff members wrote.
(CNN) - Donald Trump just laid another risky global bet -- escalating a trade war with China by imposing additional tariffs on Chinese goods in the midst of ongoing trade talks -- and neither he nor anyone else can be sure of what happens next. The sharp escalation could rattle investors and is the latest manifestation of the building superpower conflict across the Pacific. It will stoke new concern about the President's unapologetically unpredictable statesmanship. The confrontation comes at a time when anxiety is already growing over Trump's stewardship of several other foreign policy crises, including with Iran, North Korea and Venezuela. The US imposed new tariffs on a further $200 billion in Chinese goods following a midnight deadline and after the President accused Beijing of backtracking on a deal between the world's two largest economies. It's possible that the gambit could work as negotiators from the two sides are meeting again in Washington on Friday. But the fear will be that the US and China are now heading for a prolonged showdown that could hurt the world economy. Trump said on Friday that there was no rush to reach a deal since tariffs of up to 25% were now "being paid" on some of China's exports to the US. "Tariffs will bring in FAR MORE wealth to our country than even a phenomenal deal of the traditional kind," Trump tweeted. - How dumb is Trump, he must be the dumbest person on the planet. Trump must think the American people are as dumb as he is, tariffs are a tax on the American people.
The more President Trump escalates his trade war with China, the more American shoppers will notice higher prices in their favorite grocery stores, hardware shops and big-box retailers. On Friday, the Trump administration increased tariffs that Mr. Trump imposed last year on $200 billion worth of Chinese imports to 25 percent, from their previous rate of 10 percent. The official $200 billion tariff list starts with “frozen retail cuts of meat of swine” and ends with “monopods, bipods, tripods and similar articles of aluminum.” In between are 194 pages of products that you can find on store shelves across the country. Economists and business owners expect the tariff increases to hit consumers in two ways. Stores that were already passing on the cost of the 10 percent tariffs will now pass on a higher cost. And businesses large and small that previously tried to shield customers from the smaller tariffs will now find it almost impossible to avoid passing some or all of that tax on to Americans who buy their products.
U.S. President Donald Trump's new sanctions on Iran and deployment of a carrier strike group to the Middle East are "deliberately provocative," Jarrett Blanc from the Carnegie Endowment for International Peace said Thursday. Not only do these sanctions target Iran's export revenue, it also affects a "very large employment sector of the Iranian economy," said Blanc, a senior fellow at the Washington-based think tank. This will be "understood as an effort to destabilize the middle class," he added. Trump on Wednesday slapped fresh sanctions on Iranian industrial metals — the country's second-largest source of export revenue after petroleum — and threatened further action unless Tehran "fundamentally" changes its behavior. That came hours after Iranian President Hassan Rouhani announced Tehran's intention to violate two provisions of the 2015 nuclear agreement — also known as the Joint Comprehensive Plan of Action. On Sunday, U.S. National Security Advisor John Bolton announced that the Trump administration would deploy a carrier group and bombers to the Middle East in response to "troubling and escalatory indications and warnings" from Iran.
Over the course of 17 hours, President Donald Trump repeated 17 false and misleading claims that we have written about since he became president.
Trump began with an evening rally in Panama City Beach, Florida, on May 8, that lasted more than an hour, and followed it up a day later with an impromptu afternoon press conference at the White House. Here are the repeated claims that the president made, from when the rally started at about 8 p.m. on May 8 to the end of the press conference at 12:49 p.m. on May 9.
It took President Trump 601 days to top 5,000 false and misleading claims in The Fact Checker’s database, an average of eight claims a day.
But on April 26, just 226 days later, the president crossed the 10,000 mark — an average of nearly 23 claims a day in this seven-month period, which included the many rallies he held before the midterm elections, the partial government shutdown over his promised border wall and the release of the special counsel’s report on Russian interference in the presidential election. This milestone appeared unlikely when The Fact Checker first started this project during his first 100 days. In the first 100 days, Trump averaged less than five claims a day, which would have added up to about 7,000 claims in a four-year presidential term. But the tsunami of untruths just keeps looming larger and larger.
The latest revelations about President Trump’s past tax reports underscore the importance of examining his more recent returns. President Trump owes the American people a fuller account of his financial dealings, including the release of his recent tax returns, because politicians should keep their promises, because the public deserves to know whether his policies are lining his pockets and because the integrity of our system of government requires everyone, particularly the president, to obey the law. Mr. Trump promised to release his tax returns before his presidential campaign and in the early stages of that campaign, then reneged, offering a long series of inconsistent excuses for breaking his promise. Now Mr. Trump is resisting the lawful request of the House Ways and Means Committee for the Treasury secretary to release the last six years of his tax returns. In seeking the president’s returns, the House is clearly acting in the public interest.
Media coverage depicted the president as a brilliant deal maker, but he claimed more than a billion dollars in losses over the course of a decade. Over the course of a decade beginning in the mid-1980s, Donald Trump publicly presented himself as a highly successful entrepreneur even as he claimed business losses exceeding $1 billion, The New York Times reported on Tuesday. “Over all,” the newspaper explained, “Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years.” The scoop reflects poorly on Trump, who willfully misled the public for a decade in hopes of fraudulently representing himself as a man with a Midas touch. But he could not have succeeded without the assistance of many Americans, some mercenary, others over-credulous, who helped to spread the deceit and deception, generating countless newspaper articles, magazine stories, and TV segments that misinformed the public about the publicity hound’s record in business. New evidence of his staggering losses in that decade therefore provides an apt occasion to reflect on the media’s complicity in Trump’s brazen deceit and deception. Tony Schwartz, the ghostwriter who penned The Art of the Deal, has already apologized for falsely portraying the huckster from Queens as “a charmingly brash entrepreneur with an unfailing knack for business,” telling The New Yorker, “I put lipstick on a pig. I feel a deep sense of remorse that I contributed to presenting Trump in a way that brought him wider attention and made him more appealing than he is.”
President Trump on Friday defended his decision to impose steep tariffs on $200 billion worth of Chinese imports and promised much steeper penalties would follow, putting the rest of the world on notice that he will follow through on his protectionist agenda no matter the blowback. In a series of tweets, Trump said that talks with Chinese leaders would continue, but he repeatedly warned that China should “not renegotiate deals with the U.S. at the last minute.” White House officials accused China of reneging on prior details of the talks earlier this week, something Trump’s chief trade negotiator Robert E. Lighthizer told reporters was “unacceptable.” Chinese officials have denied backing away from any commitments. The chain of events that began with higher tariffs and continued through Trump’s tweets have sown unrest in financial markets around the world and have left investors and business executives unsure of what is to come. Trump in the past has threatened severe penalties only to back down days later, but he has also shown a willingness to dig in and trust his instincts, even if advisers have warned against it. He believes the strength of the economy gives him leverage to use aggressive trade tactics.
Analysis: An increasingly isolated and beleaguered American president is creating a dangerous confrontation with a hostile regime in Tehran. WASHINGTON — As Secretary of State Mike Pompeo appeared to be sounding the drums of war against Iran Thursday, and U.S. warships were steaming toward the region, a reporter asked President Donald Trump if there is a risk of military confrontation. After the requisite caution that “I guess you could say that always,” Trump added, “hopefully, that won’t happen.” Then, in comments that were notably pacific, Trump suggested he would welcome talks with Tehran: “But they should call, and if they do, we’re open to talk to them," he said. "We have no secrets.” It was a striking departure from the rhetoric of his secretary of state and his national security adviser, both of whom have stepped up their warnings that the U.S. would retaliate against Iran for any attack on U.S. interests by Iran’s proxies.
For the past 21 years, I have had the high privilege of holding a White House press pass, a magical ticket that gives the bearer a front-row seat to history. I was in the White House the night Bill Clinton admitted his affair with Monica Lewinsky, and the day he was impeached. I was there on Sept. 11, 2001, and the fearful days thereafter, when we were trained to use escape hoods. I watched George W. Bush make the case for the Iraq War and Barack Obama pitch his remedies for the market crash. There, too, I have witnessed the carnival-like briefings and high histrionics of Donald Trump’s presidency. But no more. The White House eliminated most briefings and severely restricted access to official events. And this week came the coup de grace: After covering four presidents, I received an email informing me that Trump’s press office had revoked my White House credential.